SR-414-001 (9)
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Santa Monica, California, January 3. 1978
TO: Mayor and City Council
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FROM: City Staff
SUBJECT' Authorization for land Exchange
Downtown Redevelopment Project Property Acquisition
JAN 1 0 1978
Background
The owner of Parcel 197-22 (212 Broadway) in the Downtown Project has indicated
a strong interest in the exchange of his parcel for a comparably sized, Parking
Authority-owned, parcel which is located on the northwest corner of the inter-
section of Fourth Street and Broadway. He has operated from the site, doing
business as Jack Joseph and Company, for approximately thirty years and Is very
desirous of remaining in the immediate vicinity.
Discussion
The privately-owned parcel comprises 7,500 square feet. The City's offer for
the property is $191,072, of which $90,000 is attributed to the land. This is
equivalent to 512.00 per square foot (land only).
The Parking Authority parcel, which is slightly smaller at 7.425 square feet,
is currently appraised at 515.00 per square foot for a total of $111.500.
Under the terms of the proposed exchange, the City would deed over the property
at Fourth and Broadway in addition to a cash payment of $79,572 in exchange for
the property (land. improvements. and fixtures) at 212 Broadway.
This transaction would be in lieu of an im~ediate cash payment of $191,072 (or
a potentially higher payment in the event that the acquisition could not be
negotiated at the City's offering price) for Parcel 197-22. The exchange would
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JAN 1 0 1\:)1."
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TO: Mayor and City Council
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January 3, 1978
also resolve a difficult relocation problem which could delay the Downtown
Project completion. The alternative would be to retain ownership of the
City-owned property for future disposition at a potentially higher value.
Recommendation
It is recommended that the Council authorize the City Attorney to draft the
appropriate documents which would transfer ownership of the property at Fourth
and Broadway from the Parking Authority to the City of Santa Monica, and effect
the exchange of this property for Parcel 197-22 in the Downtown Redevelopment
Project.
Prepared by: John Herner
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Attachments
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SUBJECT PLOT_PLAN
Scale 1" ~ 80'
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0~E. SToRY M'ASOAI'RY,Co,NfNfE.RCIAL.
SITE. AR.s4. 7. 500 ~ FT.
BUILDING A.€E.A: G.720 SQ FT-
SITE. COVERAGE' 90 %
BLOCK 197 - PARCEL 22
DOWNTOWN REDEVELOPMENT PROJECT
SANTA MONICA, CALIFORNIA
SCALE '" = 20'
ROBERT M LEA ASSOCIATES
APRIL 1977